Hong Kong-based blockchain game maker Animoca Brands has secured $75.32 million in a funding round, valuing it at $5.9 billion.

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Investors of the round included Liberty City Ventures, Kingsway Capital, Alpha Wave Ventures, 10T, SG Spring Limited Partnership Fund, Generation Highway Ltd, and Cosmic Summit Investments Limited, among others. 

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The company said in a statement it plans to use the new capital for acquisitions, investments, product development, and securing licenses for “popular intellectual properties” in a bid to advance the open metaverse.

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“Digital property rights represent a society-defining generational shift that impacts everyone online and will set the stage for the emergence of the open metaverse. We are deeply honoured to continue to enjoy strong support from investors as we work to solidify the leadership position of Animoca Brands in the Web3 industry and in the field of true digital ownership,” Yat Siu, co-founder and chairman of Animoca, said.

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This comes less than a week after Animoca Brands led a $32 million financing round of Web3 game company Planetarium Labs. It also recently acquired Notre Game, a game developer and publisher based in Prague.

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In other news, Yat believes that the wider industry will recover within the next few years. “Similar to how Covid has highlighted systemic problems in the physical world and driven more people to spend online, the current economic circumstances will highlight opportunities in the open metaverse,” he said. “New businesses are emerging in the metaverse that are growing in defiance of the recent market trend, providing more employment and services that help to power the virtual economy.”‎‎‎‏‏‎

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